"The Ontario Superior Court of Justice has ruled for the Peace Bridge duty-free shop's receivership due to financial difficulties including millions in debt and unpaid rent."
"A significant claim by the Buffalo and Fort Erie Public Bridge Authority indicates the store owes up to $17 million, compounded by declining cross-border travel."
The Peace Bridge duty-free shop is facing receivership as ordered by the Ontario Superior Court due to substantial financial troubles, including millions in unpaid rent and debts. As appointed by the court, a receiver will oversee the shop's liquidation and repay creditors. The Buffalo and Fort Erie Public Bridge Authority claims the shop owes up to $17 million in overdue rent, while Royal Bank of Canada lists an outstanding debt of $3.3 million. The challenge is exacerbated by a sharp decline in cross-border travel, negatively impacting sales.
Read at www.cbc.ca
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